Preheat oven or toaster oven to 350 degrees. Spread the coconut in a thin layer over a baking sheet with ridges and bake on the lowest rack setting for three to four minutes. Keep an eye on the coconut to make sure they don't burn, and stir if necessary.
In a heavy, medium saucepan, melt the coconut oil. Add the rice and brown it for about four minutes. This will give the rice a nutty flavor.
Once browned, add the coconut milk and vanilla. Bring to a boil, cover the saucepan, and reduce heat to low, simmering lightly and stirring periodically until the rice is tender and the mixture thickens.
Add the molasses, coconut flakes, and cocoa nibs towards the end of the cooking process to preserve crunch. It will take 45 minutes to an hour to cook the rice, so add the additional ingredients 30 to 50 minutes in, depending on how fast the liquid is absorbing.
When the rice is done and a small amount of liquid has retained, turn the heat off and let the rice sit under the closed lid for 10 to 15 minutes. Serve warm or chilled.